The key question that business leaders are faced with today is: How can finance deliver against unprecedented pressures and yet manage to sustain disruption at speed, with quality, and within a budget?
In the face of rapid digital innovation, resource limitations and pressures for cost reduction, finance operations, and technology have needed to modernize to keep pace with an evolving industry.
How finance must evolve
Finance teams at organizations must upgrade the technology they use for daily operations, and migrate to cloud environments to better support new product launches.
Finance is in a constant state of transition, and leaders are struggling to effectively match talent with the surge in consumer demand.
Chief financial officers (CFOs) and Chief Information Officers (CIOs) are increasingly focusing on modernizing finance, reducing costs, providing resiliency, and strengthening controls with limited budgets.
How business leaders can modernize finance operations
To effectively modernize the finance operations at their organizations, business leaders must consider exploring innovative workforce solutions.
These solutions can enable seamless alignment between supply and demand. The solutions also provide flexible access to promising talent and allow business leaders to implement operating models that enable seamless scalability and dynamic prioritization in addition to cost predictability based on outcomes.
Significant demands on finance
Organizations are evolving at a record pace as digital transformation continues to drive prevailing changes across enterprises. The evolution of consumer preferences is driving constant product innovation to enable frictionless and convenient user experiences.
The finance function is expected to operate and evolve at speeds that match front-office innovation. This places significant pressure on an organization’s back-office operations. They are forced to rely on legacy operating models with rigid development cycles and overburdened resources.
The need of the hour is to match supply with demand rapidly, at a predictable cost, and an efficient scale.
It is important for business leaders to effectively manage and prioritize the various sources of demand. This has, however, been difficult for many enterprises.
Achieving agility in finance operations
To deliver effectively against today’s demands, business leaders must consider implementing delivery models that can:
- Optimize demand management to include the intake process, prioritization, and quality control
- Manage costs to focus on outcomes rather than hours of effort
- Enable demand and supply to have varied resource models
- Actively manage the alignment of risk with accountability and incentives
The global pandemic has prompted organizations to reimagine their workforce strategy. For several organizations, COVID-19 has highlighted the effectiveness of virtual teaming, accelerating the adoption of an increasingly remote workforce. Financial operations must evolve rapidly to keep pace with an ever-changing business landscape.
Also read: 4 Finance Transformation Traps To Avoid